Analyst: Upcoming Litecoin Halving Could Ultimately Send LTC Surging

Because the cryptocurrency markets proceed to be battered by frequent bouts of volatility and face rising downwards strain from bears, buyers are eager on discovering occasions that would reverse their funding’s worth descent. Litecoin (LTC) is one such cryptocurrency that has dropped considerably from its all-time-highs, however an upcoming occasion might be able to change its worth development.

One outstanding cryptocurrency analyst is fast to level out that if historical past repeats itself, Litecoin might see its worth surge sooner or later within the subsequent couple of years as buyers see the influence of its upcoming block rewards discount occasion – generally referred to as a “halving.”

Litecoin (LTC) Down Over 90% from All-Time-Highs

 On the time of writing, Litecoin (LTC) is buying and selling up virtually four% at its present worth of $32.70 and is likely one of the few main cryptocurrencies that has posted positive factors at this time.

Though LTC is buying and selling up barely from its 2018 lows of $23, it’s presently buying and selling down over 90% from its all-time-highs of roughly $375 that have been set on the high of the parabolic crypto bull market that lasted into the primary weeks of 2018 earlier than reversing and sending all cryptocurrencies spiraling downwards.

Litecoin, like all cryptocurrencies, has been notably affected by the latest state of the markets, and has a long-ways to go earlier than it will get near reclaiming, or surpassing, its beforehand established all-time-highs, however its upcoming halving occasion might be able to reverse its downwards development.

Halving Occasion Traditionally Proceeded by Main Worth Surge

Litecoin, like Bitcoin, periodically has a block rewards discount occasion that reduces the rewards miners get for mining a block, which in flip reduces the speed of issuance of the cryptocurrency. Assuming that the demand for LTC is fixed, the lowered provide will positively influence its worth, as miners gained’t be promoting as a lot LTC on a constant foundation.

Litecoin (LTC) traditionally surges within the years following its halving occasion.

Moon Overlord, a well-liked cryptocurrency analyst on Twitter, mentioned the implications that halving occasions have on LTC’s worth in a latest tweet, stating that if historical past repeats itself, LTC could backside within the 200-day interval previous the occasion, after which climb again in the direction of its beforehand established all-time-highs.

“The #Litecoin halving is shortly approaching… LTC bottomed roughly 200 days earlier than it’s halving in 2015… We’re virtually precisely 200 days away from the following $LTC halving… LTC peaked 2+ years after it’s [sic] halving, If it follows an identical path this time the height will likely be in 2021,” he defined whereas referencing a chart that exhibits Litecoin’s historic worth patterns across the occasions of halving occasions.

If historical past continues to repeat itself because it has up to now, Litecoin could quickly set up a long-term backside that will likely be adopted by interval of sideways buying and selling earlier than it begins transferring again in the direction of its all-time-high costs.

It is very important notice, nonetheless, that it’s extremely unlikely that LTC will make any main worth transfer within the coming years if Bitcoin and the remainder of the crypto markets fail to garner extra stability.

Featured photographs from Shutterstock.

About Tom Greenly

Check Also

2019 in Crypto is Year of the DEX: NEO’s Nash to Launch, Main Competitor of Binance?

The launch date of the much-anticipated decentralised change being constructed on NEO, Nash, was introduced …

Shift Card Sunsets, Leaving US Crypto Card Users With Few Options

U.S.-based Shift Card, a Visa debit card service that enables folks to spend cryptocurrencies held …